Mr. Pawan invests an amount of ₹ 242000 at the rate of 4% per annum for 6 yr to obtain a simple interest, later he invests the principal amount as well as the amount obtained as simple interest for another 4 yr at the same rate of interest. What amount of simple interest will be obtained at the end of the last 4 yr?

₹ 4800
₹ 4850.32
₹ 4801.28
₹ 4700

Correct Answer: ₹ 4801.28

Explanation:

In the case I,
SI = (P x R x T) /100 = (24200 x 4 x 6) / 100 = ₹ 5808
∴ Amount = Principal + SI
SI = 24200 + 5808 = 30008
In the case II,
SI = (30008 x 4 x 4) / 100 = ₹ 4801.28

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